Zillow: 30-year FRMs hit record low at 4.16%

by CHRISTINE RICCIARDI
The 30-year, fixed-mortgage rate decreased from a week earlier, setting a new record low at 4.16%, according to the Zillow Mortgage Marketplace weekly update.

The national average ticked up slightly throughout September after 11 consecutive weeks of decline. Zillow said the current 15-year, fixed average rate is 3.67% and the rate for a 5-1 adjustable rate mortgage is 3.01%. That type of mortgage maintains a steady rate for five years and then is adjusted annually thereafter.

Regionally, 30-year rates vary, but the majority of states witnessed a deflation. Rates in Florida fell to 4.09% from 4.23% the previous week, New York's average rate was 4.04% last week, down from 4.17%, California's rate decreased to 4.18% from 4.21%, and Texas saw its average rate disintegrate to 4.15% from 4.22%.

Meanwhile Pennsylvania's current rate of 4.17% is up from 4.16% last week. Massachusetts' average rate for a 30-year fixed mortgage grew to 4.22% from 4.19% at Sept. 27.

Washington's 30-year FRM remained constant at 4.16%.

Zillow bases its averages on real-time mortgage quotes from lenders registered with the company. The national average comes from thousands of daily quotes by anonymous borrowers through the Seattle-based company's website.

View original article: http://www.housingwire.com/2010/10/05/zillow-30-year-frms-hit-record-low-at-4-16

Blogger Matthew Allan is a specialist in Savannah Real Estate, focusing on Savannah's downtown historic districts, including the Landmark Historic District, Victorian Historic District, Thomas Square Historic District, Starland Historic District, Baldwin Park, and Ardsley Park Historic District.